Cadbury India is planning to sell its Mumbai headquarters. The property is expected to bring the firm around Rs.450 Cr.
MUMBAI: Cadbury India plans to sell its headquarter Cadbury House for Rs.450 Cr. The headquarters of Mondelez International’s Indian wing is located on Pedder Road in Mumbai.
The firm has already announced its decision to sell the property. According to the property experts, the iconic Cadbury House may fetch the firm around Rs.450 Cr.
Besides premium office spaces, Cadbury House includes some premium apartments, Bournville Apartments, where the top officials of the firm live in. The apartments are built in 8 stories.
The estimated worth of the property is based on the recent trends and current rates existing in the area. The property is located close to Altamont Road, one of the most posh areas in Mumbai.
Mukesh Ambani’s home Antilla is set here. Other top industrialists like Gautam Singhania and Kumar Mangalam Birla also are residents of Altamont Road area. They have palatial houses in this posh locality.
Cadbury India has appointed global property consultants Cushman & Wakefield to help the firm find takers for the property.
Commenting on the sale plan, a Cadbury India spokesperson said that the sale is done with the purpose of moving to another office with better facilities and amenities. He added that the company aims to meet the increasing demand for the company products by shifting on to a new headquarters.
Cadbury India has been operational for over 50 years in this 36,000 plus sq. ft. office built in ground plus two stories. The property has warehouse and parking slots. Adding all these, the total area will reach around 50000 sq. ft.
The buyers of this property will be able to develop around one lakh square feet under the new Development Control Rules.
JLL India (west) MD Ramesh Nair said that this shift to the suburbs is in accordance with the corporates decision to move on to the suburbs for better facilities and amenities at lower rates. He was commenting on the shift of headquarters by Cadbury India.